This week was very interesting for me. I learned many new things from this week. I know the definition of economics which help us to determine how society distributes its scarce resources. I learned the ten principles of economics and how they related to our daily life as well as our economy. One of the most interesting things I learned from this week is the concept of opportunity cost. Opportunity cost is an economic concept that one gives up to choose alternatives. I knew the concept of trade and how comparative advantage works in the trade market. Comparative advantage occurs due to lower opportunity costs. Another interesting concept I knew from this week is the concept of the invisible hand which was proposed by Adam Smith.